by Bob Chenoweth | May 2, 2021 | Base Pay, Compensation, Employment Market, Incentive Compensation, Merit Pay, Recruitment and Retention, Salary
Differences abound between transactional and strategic human resources, but even if the distinctions are clear to HR generalists, these terms get a little fuzzy when it comes to employee pay matters. Nonetheless, it’s important to understand the distinctions as these...
by Cassandra Faurote | Aug 17, 2018 | Budgets, Compensation, Merit Pay, Salary
Employee retention is essential to workforce stability and prudent compensation management regardless of labor market conditions. But when the labor market is tight in a robust economy – when employees are more likely to look for better paying or more satisfying...
by Cassandra Faurote | Jul 13, 2017 | Benefits, Communication, Compensation, Incentive Compensation, Merit Pay, Salary
The realities of compensation for millennials can be surprising, simply because this group is newer to the workforce. Lacking years of deep “real world” experience, millennials might be surprised by many aspects of current compensation practices and standards in...
by Cassandra Faurote | Apr 23, 2017 | Base Pay, Budgets, Compensation, Merit Pay, Salary
Compensation budgeting is often misunderstood, underemphasized and oversimplified. Many employers tend to factor in only an employee’s annual salary and benefits when considering personnel costs. But this shortsighted approach can lead to a budget shortfall and...
by Cassandra Faurote | Jan 13, 2017 | Base Pay, Compensation, Merit Pay, Salary
Has your base pay system been in place several years without being reviewed or updated? If so, your company could be falling behind your industry, your competitors, and marketplace standards. That means you could be paying too much base pay in your current total...
by Welcome | Apr 3, 2015 | Merit Pay
What to do with low merit budget pools… Many organizations have found themselves in the current economy needing to lower their merit budget pools. One of the challenges that come with a low merit budget pool is how to distribute those dollars from low to high...
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